Sebi 'cautions' investors, public against dealings with Sahara

Feb 22 2013, 11:11 IST
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Sebi today cautioned the investors and general public against transacting with Sahara group firms and their promoters, including group chief Subrata Roy. (Reuters) Sebi today cautioned the investors and general public against transacting with Sahara group firms and their promoters, including group chief Subrata Roy. (Reuters)
SummaryAnyone transacting with them (Sahara) would be doing so at their own peril, Sebi has said.

amount of Rs 5,120 crore that was in excess of its total liability towards refund to investors.

Later, the group also ran a major advertisement campaign in newspapers with claims that "Sahara has nothing to pay (and) rather Sahara shall soon be eligible to take a big

refund from Sebi" and it was submitting to Sebi the provisional balance sheets of two companies as on December 31, 2012 for more clarity on the matter.

The Supreme Court on August 31, 2012 had asked Sahara group firms to refund the money with 15 per cent interest and had asked Sebi to facilitate the refund.

However, the group in December, 2012 was allowed to pay the money in three instalments, including an immediate payment of Rs 5,120 crore, followed by an installment of Rs 10,000 crore in the first week of January and remainder by the first

week of February 2013.

Sebi in its attachment orders, however, said that neither of the two installments was paid and therefore it is constrained totake necessary action as per the Supreme Court

orders.

The properties being attached by Sebi include the land owned by Sahara group firm Aamby Valley Ltd, which has set up a resort village near Pune, development rights of land at prime locations in Delhi, Gurgaon, Mumbai and various other

places across the country.

Besides, Sebi has also ordered attachment of equity shares held in Aamby Valley Ltd, units of mutual funds, bank and demat accounts and investments in all the branches of all banks.

Sebi has asked all the banks to transfer the amounts lying in the accounts of these entities and persons to a specially-created Sebi-Sahara Refund Account.

Sebi has also informed RBI and Enforcement Directorate as well regarding its actions against Sahara group firms.

The assets being attached include investments of SIRECL and SHICL in group companies, special purpose vehicles and partnership firms and the necessary orders for sale of all attached properties would be passed in due course after getting their full particulars, Sebi said.

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